TD Cowen Cuts First Hawaiian (NASDAQ:FHB) Price Target to $28.00

First Hawaiian (NASDAQ:FHB) had its price objective trimmed by TD Cowen from $29.00 to $28.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a hold rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the stock. Piper Sandler raised their price objective on shares of First Hawaiian from $27.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, October 27th. Cowen restated a “hold” rating on shares of First Hawaiian in a research note on Tuesday, October 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Hawaiian in a research note on Monday, December 29th. Barclays raised First Hawaiian from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $26.00 to $28.00 in a report on Tuesday, November 11th. Finally, Keefe, Bruyette & Woods upped their price target on First Hawaiian from $28.00 to $29.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 28th. Seven analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and an average price target of $27.64.

First Hawaiian Price Performance

Shares of FHB stock opened at $26.91 on Wednesday. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 13.13, a PEG ratio of 1.91 and a beta of 0.73. The stock has a 50 day simple moving average of $25.39 and a 200-day simple moving average of $25.13. First Hawaiian has a 1-year low of $20.32 and a 1-year high of $28.28.

First Hawaiian (NASDAQ:FHB) last issued its quarterly earnings results on Monday, August 9th. The bank reported $0.44 earnings per share for the quarter. First Hawaiian had a net margin of 22.60% and a return on equity of 9.68%. The firm had revenue of $129.16 million for the quarter. Analysts anticipate that First Hawaiian will post 1.95 earnings per share for the current fiscal year.

First Hawaiian Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 28th. Investors of record on Monday, November 17th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Monday, November 17th. First Hawaiian’s dividend payout ratio is 50.73%.

Insider Activity at First Hawaiian

In related news, insider Alan Arizumi sold 36,460 shares of First Hawaiian stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $25.35, for a total transaction of $924,261.00. Following the transaction, the insider owned 37,508 shares in the company, valued at approximately $950,827.80. The trade was a 49.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On First Hawaiian

Large investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its position in shares of First Hawaiian by 74.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,023 shares of the bank’s stock valued at $25,000 after purchasing an additional 438 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in First Hawaiian by 2,916.7% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 1,086 shares of the bank’s stock valued at $27,000 after buying an additional 1,050 shares during the last quarter. Hantz Financial Services Inc. grew its position in First Hawaiian by 11,325.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 1,371 shares of the bank’s stock worth $34,000 after purchasing an additional 1,359 shares during the last quarter. Danske Bank A S bought a new position in shares of First Hawaiian in the third quarter worth $47,000. Finally, CIBC Private Wealth Group LLC bought a new position in First Hawaiian in the 3rd quarter valued at about $48,000. 97.63% of the stock is owned by institutional investors and hedge funds.

First Hawaiian Company Profile

First Hawaiian, Inc is the oldest and largest bank in Hawaii, operating as the bank holding company for First Hawaiian Bank. Established in 1858, the company offers a full suite of financial services to individual, business and institutional clients. Its product portfolio includes consumer and commercial lending, deposit accounts, treasury and cash management, foreign exchange and trade finance, as well as wealth management and trust services.

First Hawaiian serves customers through an extensive network of branches, ATMs and digital channels across the Hawaiian Islands, Guam, Saipan and American Samoa.